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HomeMy WebLinkAbout0983 If' Lender required mongagc insurance as a conditiofi of making the loan sccured by this Security instrument~ Borrower shall pay the premiums required to maintain the insurance in eflect u~til such time as the requirement tor the i~surance terminates in acco~d~nce with Borrowet's and Lende~'s written agreement or applicable law. 8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonabte cause for the inspection. 9. Condemnatton. The proceeds of any award or claim for damages, direct or consequential. in connection with any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Security InstrUmeat~ whether or not then due. with any excess paid to Borrower. In the event oC a partial taking af the Praperty. unless Borrower and I.ender othenviss agree in writing, the sums secured by this Security Instcument shall be reducal by the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the taking; divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. lf the Property is abandoned by 8onower, or iC. after notice by Lender to 8orrower that the condemnor oft"ers to make an award or settle a claim for damages, Borrowe~ fails to respond to I.ender within 30 days after the date the notice is . given. Lender is authorized to collect and apply the proceeds. at its option, either to restoration or repair of ihe Propeny or to the sums secured by this Security Instrument. whether or not then due. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referrod to in garagraphs i and 2 or change the amount of such payments. ~10. Borrower Not Relensed; Forbearance By Lehder Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Sacurity Instrument granted by Lender to any successor in interest of Borrower shall not o~erate to release the liability of the original Borrower or Borrewer's successors in interest. Lender shall not be `required to commence prceeedings against. any successor in interest or refuse to extend time for payment or othenvise modify amortization of the sums secured by this Security lnstrument by reason of any demand made ~ by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercix of any right or remedy. 11. Successors and Assigns Bound; Joint and Sererai Liability; Castgnen. The covenants and agrcements of this Security Instrument shall birid and benefit the successors and assigns of Lender and Borrowe~, subject to the provisions of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who casigns this Security Instrument but dces not execute the Note: (a) is casigning this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) ageees that Lender and any other Borrower may agrce to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without _ that Bonower's consent. - 12. Loan Charges. If the loan secured by this Security_ Instrument is subject to a law which sets maximum loan charges. and that law is finally interpreted so that the interest or other loan charges coliceted or to be collected in connection with the loan exceed the permitted limits. then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which eaceeded permitted limits will be refunded to Borrower. Lender may choose to make this.refund by reducing the principal owed ~ under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will tx treated as a partial prepayment without any prepayment charge under the Note. 13. I.egislatton ABecttng Lender's Rig6ts. If enactment or expiration of applicable laws has the eflect of rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option. i ~may require immediate payment in full of a!1 sums secured by this Security Instrument and may invoke.any remedies ~ permitted by paragraph 19. If I.e~~der exercises this option, Lender shall take the steps specified in the second paragraph of : paragraph 17. P 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the ; Property Address or any other address Borrower designates by notice to Lender. Any notice to i.ender shall be given by first class mail to Lender s address sEated herein or any other address Lender designates by notice to Borrower. Any notice _ e provided for in this Security tnstrument shall be deemed to have been given to Borrower or Lender when given as provided € in this paragraph. ~ E 15. Gorerning Law; Seversbility. This Securit} Instrument shall be governed by federal law and the law of thc ~ jarisdiction in which the Property is located. In the event that any provision or clause of ihis Security Instrument or the Note conflicts with applicable law, such conflict shall not afl'ect other provisions of this Security Instrument or the Note which can be given etfect wilhout the conflicting provision. T~ this end the provisions of this Security Instrument and the Nute are declared to be severable. 16. 8orrower's Copy. Borrower shall be given one conformed copy of Ihe Note and of this Security Instrument. 17. Transfer of the Property or a Heneflcial Interest in Borrower. If a!I or any part of the Property'or any interat in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured~ by this Security Instrument. However. this option shall not be eaercised by Lender if exercise is prohibitai by federal law as of the date of this Security Instrument. If Ixnder exercises this option. Lender shall give Borrower notice of acceleration. The notia shall provide a period oP not less than 30 days from the date the notice is deliveral or mailed within which Borrower must pay all sums secured by this Stcurity Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notica or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable law may spec~fy for reinstatement) before sale of the Property pursuant to any power of sale contained in this Security Instrumenh or (b) entry of a judgmeni enforcing this Security Ir~strument. Those conditions are that Borrower: (a) pays Lsnder all sums which then would be due under this Security Instrument and the Note had no acceleration occurred; (b) cures any default of any other covenants or agroements; (c) pays-~ expenses incurced in rnforcing this Security Instrum~nt, including, but not limited to~ reasonable sttorneys' toes; an (d) takes such acteon as Lender may reasonably requirc to assure that the lien of this Securiry Instrument, Lender's rights in the Property and Bonower's ~ obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Horrower, this Security Instrument and the obligations secured hereby shali remain fully effoctivc as if no accelecation had 6ccuned. Nowever. this right to reinstate shail not apply in the case of acceleration under paragraphs 13 or 17. 60~ t PACE 983 ,.~t: _ _ _ . . . . . _ , . . _ . - - ~